Hancock Prospecting Pty Ltd has significantly expanded its investment portfolio by acquiring a new position in NexGen Energy (NYSE:NXE) during the second quarter of 2023. According to a filing with the Securities and Exchange Commission (SEC), the firm purchased 5,750,000 shares of NexGen, valued at approximately $39,975,000. This acquisition positions NexGen as the tenth largest holding in Hancock’s portfolio, representing around 1.3% of its total assets.
A number of other institutional investors have also recently adjusted their stakes in NexGen Energy. Notably, BNP Paribas Financial Markets increased its position by an impressive 1,674.4% in the same quarter, now owning 928,237 shares worth approximately $6,442,000 after acquiring an additional 875,924 shares. British Columbia Investment Management Corp raised its stake by 7.9%, bringing its total to 345,664 shares valued at $2,403,000. Additionally, Caption Management LLC boosted its position by an astounding 1,883.0%, now holding 176,187 shares worth $1,223,000.
Institutional investors and hedge funds collectively own 42.43% of NexGen Energy’s stock, signalling strong confidence in the company’s future.
Analyst Ratings and Market Performance
Several analysts have recently provided insights on NexGen Energy shares, reflecting a range of opinions. On October 13, 2023, Zacks Research upgraded NexGen from a “strong sell” to a “hold” rating. Conversely, Weiss Ratings maintained a “sell (d)” rating, and Raymond James Financial reaffirmed an “outperform” rating on October 10, 2023. Overall, one analyst has rated the stock as a Strong Buy, five have issued Buy ratings, one has assigned a Hold rating, and one has given a Sell rating. According to MarketBeat.com, NexGen currently holds an average rating of “Moderate Buy.”
As of the latest trading session, NexGen Energy’s stock opened at $8.90. The company has a market capitalization of $5.83 billion, with a price-to-earnings ratio of -21.71. Shares have fluctuated significantly over the past year, reaching a low of $3.91 and a high of $9.99.
NexGen Energy recently reported its earnings results on November 5, 2023, disclosing an earnings per share (EPS) of ($0.03), which fell short of the consensus estimate of ($0.02) by $0.01. Analysts predict that NexGen will report an EPS of ($0.05) for the current year.
NexGen Energy’s Operations
NexGen Energy Ltd. is focused on the exploration and development of uranium properties in Canada. The company’s flagship project, Rook I, encompasses 32 contiguous mineral claims covering an area of 35,065 hectares in the southwestern Athabasca Basin of Saskatchewan. This strategic location is known for its high-grade uranium deposits, which are crucial for meeting global energy demands.
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As the market continues to evolve, the investments made by Hancock Prospecting and other institutional players highlight the growing interest in NexGen Energy’s potential within the uranium sector.
